Coalition of Civil Society Group has urged the Central Bank of Nigeria, CBN, to ignore the recent call by the Emir of Kano and former governor of CBN, Alhaji Muhammadu Sanusi II, for Naira devaluation and removal of fuel subsidy.
President of the group, Etuk Bassey said in a statement issued in Abuja that the call for the devaluation of the Naira will further impoverish the already dwindling economy of the country. He stated that the Emir’s devaluation theory was uncalled for and should be rejected by all well-meaning Nigerians.
The statement reads in part; “We vehemently reject, in its entirety, the call for the devaluation of the Naira. We urge the CBN Governor, Godwin Emefiele, and his team to remain focused and to ensure that the newly introduced monetary policy is sustained for the interest of the Nigerian masses.
“The devaluation of the Naira will further increase poverty and suffering in the land. This unwanted and anti-people policy can only be preached by the likes of Sanusi.”
“Should the Naira be devalued, then it is a big slap on the face of millions of Nigerians that voted for a true change at the 2015 Presidential elections.
“Though we do not expect a quick miracle in the face of our dwindling economy, but we appreciate the measures already being taken by the CBN to ensure that we bounce back on time.”
The Emir had recently suggested that Nigeria will have to devalue the Naira and loosen monetary policy to stimulate Africa’s biggest economy hit by a plunge in oil prices. He also criticised foreign currency restrictions imposed by the Central Bank, which have frustrated local firms struggling to get dollars.


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